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Survey points to quiet quarter as buyers wait on sidelines

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THE residential property sector in Hongkong will be quiet until the end of the first quarter, as investors are holding out for the conclusion of Sino-British talks on Governor Chris Patten's reform plans, according to Mr David Faulkner, an associate at Brooke Hillier Parker (BHP).

Mr Faulkner said that a survey by BHP indicated that despite falling prices investors are still discouraged by the 70 per cent mortgage ceiling.

The survey reveals the most significant price drop for the beginning of the first quarter was with Kowloon Class C flats.

Sales in December were at $3,295 per square foot (psf) and fell 3.5 per cent to $3,178 psf in January.

Prices of Class B and C flats in Hongkong dropped by 0.6 per cent in January, whereas large-size flat prices increased by 2.5 per cent.

For the territory as a whole, the beginning of the first quarter saw a 0.2 per cent increase in Class A and B flat prices whereas larger flat prices increased 0.5 per cent.

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